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28 May 2020

Pension Funds Double Crypto Asset Exposure in Morgan Creek's Fund to 1%

Pension Funds Double Crypto Asset Exposure in Morgan Creek's Fund to 1%


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Morgan Creek Digital now takes up around 1 percent of the assets of two Fairfax Retirement System pension funds – an investment which has more than doubled since taking their first position in the fund that closed in February.

Two of the three pension funds under the system from Fairfax County, Virginia, the Police Officer’s Retirement System and Employees’ Retirement System, invested $55 million in Morgan Creek’s second fund in October.

The Morgan Creek fund was characterized as a private equity venture capital fund, and a replacement for a small capitalization US equities fund in their portfolio – one of the higher return and higher risk parts of pension fund investing.

While the crypto part of the Morgan Creek Digital fund is performing well, the pension fund’s CIOs expressed the most interest in the blockchain side of Morgan Creek, which makes up 85 percent of the fund.

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